Natural-Gas Operations Fuel Thai Company's Profit.

Byline: Yuthana Praiwan

Dec. 8--The natural gas operations of PTT Exploration and Production Plc were the main contributor to the 18.66 billion baht in net profit earned by PTT Plc in the first nine months of this year, the company said yesterday.

PTT president Viset Choopiban said gas sales by PTTEP averaged 2,460 million cubic feet per day (mmcfd), compared with 1,954 mmcfd in the first nine months of last year.

The increased gas supplies were mainly sold to independent power producers. Higher sales volumes also resulted in higher pipeline tariffs for PTT, which has a domestic monopoly on gas distribution.

Mr Viset said PTT had derived 5.29 billion baht in profit from PTTEP, based on its 60.97 percent ownership of the exploration company, in the year to Sept 30. The subsidiary's profit contribution in the first half was 3.54 billion baht.

He said PTT's working capital was also being improved by making more efficient use of its current assets. As well, 3.9 billion baht in debt owed by the Bangkok Mass Transit Authority is scheduled to be paid to PTT by Thursday next week.

In the third quarter, the Oil Stabilisation Fund, the official name of the state oil fund, paid PTT 250 million baht, representing part of the subsidy on liquefied petroleum gas, or cooking gas, in line with a cabinet resolution.